What is the Local Currency in Tanzania and How Can You Exchange Money?
If you’re planning a trip to Tanzania, understanding the local currency in Tanzania and how to exchange money will help you manage your finances smoothly. Tanzania offers a mix of modern banking services and traditional currency exchange methods, ensuring that travelers can access money easily.
What is the Local Currency in Tanzania?
The official currency of Tanzania is the Tanzanian Shilling (TZS). It is abbreviated as TSh or /= and is commonly used in cash transactions across the country. The banknotes are available in denominations of 500, 1,000, 2,000, 5,000, and 10,000 TZS, while coins exist in 50, 100, 200, and 500 TZS values.
Although Tanzanian Shillings are the primary currency, US dollars (USD) are widely accepted in hotels, safari lodges, and tour companies. However, for local markets, small shops, and transportation, you’ll need Tanzanian Shillings.
Where Can You Exchange Money in Tanzania?
Travelers have several options for exchanging money in Tanzania:
Banks
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- Major banks in cities like Dar es Salaam, Arusha, and Moshi offer currency exchange services.
- Banking hours are typically Monday to Friday (8:30 AM – 4:00 PM) and Saturday (8:30 AM – 1:00 PM).
- Banks offer competitive exchange rates but may have longer wait times.
Foreign Exchange (Forex) Bureaus
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- Forex bureaus in major cities and airports provide quick money exchange services.
- They often offer better exchange rates than banks.
- Some well-known bureaus include Western Union, MoneyGram, and local forex shops.
ATMs
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- ATMs are widely available in cities and towns, allowing you to withdraw Tanzanian Shillings using Visa, Mastercard, and other international debit/credit cards.
- Some popular banks with ATMs include CRDB Bank, NMB Bank, and Standard Chartered Bank.
- Be aware of ATM withdrawal limits and transaction fees.
Hotels and Tour Operators
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- Some hotels and safari lodges exchange small amounts of money for their guests.
- Exchange rates in hotels are usually higher than in banks or forex bureaus.
- It’s advisable to exchange only a small amount at hotels if necessary.
Can You Use US Dollars in Tanzania?
Yes, US dollars are widely accepted, especially for tourism-related expenses like safari tours, Kilimanjaro treks, and hotel bookings. However, keep in mind:
- Most businesses prefer US dollar bills issued from 2009 onwards—older notes may not be accepted.
- Small shops, local markets, and public transport require Tanzanian Shillings.
Tips for Exchanging Money in Tanzania
- Compare rates: Exchange rates can vary, so check multiple sources before exchanging.
- Avoid street exchangers: Some unofficial money changers may offer scams or counterfeit bills.
- Carry small denominations: Having smaller bills in Tanzanian Shillings makes transactions easier.
- Use ATMs carefully: Withdraw money in safe locations, such as inside banks or shopping malls.
Conclusion
Tanzania’s official currency is the Tanzanian Shilling (TZS), but US dollars are also commonly accepted in the tourism industry. You can exchange money at banks, forex bureaus, ATMs, and some hotels. To get the best rates, use reputable exchange services and carry a mix of Tanzanian Shillings and US dollars for convenience.
By planning ahead, you can enjoy a hassle-free financial experience while exploring Tanzania’s stunning landscapes, safaris, and cultural sites.
